Middle East

Three sources said that Iran had asked the Houthi movement in Yemen to be ready to shut down the Red Sea Oil Route if?the United States struck Iranian power infrastructure. This poses a powerful new threat to global oil supplies. Two senior Iranian sources, as well as a'regional source' familiar with the issue, said that the idea was discussed within the Islamic Republic leadership and the message had been'sent' to Iran's Houthi ally. Sources said that the Houthis were recently informed of Tehran's request. This was not previously reported. They didn't give any further details about how the message was...

Industry sources say China's fuel demand will take a long time to recover after its imports hit a record low. Refiners reduced production and opted for cheaper crude as a result of the U.S. - Iran war. China's low demand for high-sulphur oil (HSFO), one of Asia’s largest importers, is expected to limit prices. This is despite the fact that the market has strengthened after Washington and Tehran intensified their attacks on the Middle East disrupting Gulf supply through the Strait of Hormuz. LSEG data show that the Asian refiners' margins for 380 centistoke HSFO rose to a discount of...

Yemen's Houthi group fired missiles on Saudi Arabia, accusing it of bombing a Saudi airport that was under their control. This broke a four-year ceasefire in the conflict between Saudi Arabia and the Iran-aligned movement. This move marks the end of the de-escalation period and is a sign that Iran may now use its Houthi allies in order to shut down the Bab el-Mandeb entrance to the Red Sea. It would be the second 'global /shipping chokepoint disrupted since the Strait of Hormuz. WHO ARE HOUTHIS? Abdul Malik al-Houthi is the leader of Yemen’s Houthis. He is a highly secretive...

Two sources with knowledge of the matter confirmed on Wednesday that China's Zhenhua Oil had booked to load 2 million barrels in Saudi crude for August. This is a sign that a new?joint venture? refinery between China and Saudi Arabia will soon begin operations. The crude will be supplied to the newly built 300,000-barrel-per-day Huajin Aramco Petrochemical Co (HAPCO) refinery in northeastern China's Liaoning province, the sources said. HAPCO was formed by Saudi Aramco, Norinco Group (a Chinese state-owned conglomerate) and Panjin Xincheng Industrial Group. HAPCO has delayed its start-up to September or even October due to disruptions in Middle...

* Oil demand growth in 2026 is cut by 190,000 barrels per day (bpd) due to the impact of the Iran war * OPEC+ production?rises 3 million bpd by June as Hormuz flow starts to?recover * Reduced geopolitical tensions could give the economy some 'upside' in the second half of the year Olesya Astakhova & Alex Lawler LONDON - OPEC lowered Monday its forecast for the world's oil demand growth to 780,000 barrels a day. This is its third consecutive downward revision. The producer group has continued to predict a lower impact on consumption than other forecasters, such as the...

After a series of antisemitic attacks on British streets, the British government used powers similar to proscriptions in order to combat state-backed threats. This power would effectively ban support for these groups, and give police and intelligence agencies?new powers to combat any threats related to them. Keir starmer, the Prime Minister of Britain, said that "these 'new powers' will make it easier for anyone to be prosecuted and jailed in Britain who is doing their dirty work." Since its establishment in 1979, the IRGC has been an elite military force loyal the Supreme Leader of the Islamic Republic. The Islamic...

Europe imported 'jet fuel' from the U.S., Asia and other regions. It also increased its refiners output and drew on stock to keep planes in the air. Yet it remains the most vulnerable region as Middle East tensions increase the risk of supply disruption. Britain, France and Germany are especially vulnerable on a continent that is more dependent than others on Middle Eastern oil shipments through the Strait of Hormuz due to decades of refinery closings. The Strait was reopened to a limited extent in June after U.S. and Israeli airstrikes launched a war against Iran. Strikes by both sides...

Sheikh Hamad Bin Khalifa al-Thani died aged 74. He was a moderniser and a powerful leader who took power in 1995, but broke tradition by handing it over to his son, 18 years later. The Amiri Diwan in Qatar, Qatar's top government body, announced on Sunday that Sheikh Hamad died. The cause of death was not mentioned. It did not mention?the cause of his death. Sheikh Hamad presided in one of the most significant periods of history of the country, driving a fast transformation of the small desert state, which reshaped the economy, global status and political ambition. He was...

The nation's Amiri Diwan (its top government body) announced on Sunday that Qatar's former emir had died at the age of 74. Sheikh Hamad bin Khalifa Al Thani, Qatar's former ruler from 1995 until 2013, abdicated to his son Sheikh Tamim. Sheikh Tamim is now the current leader of this gas-rich Gulf nation. The Amiri Diwan has announced the death of HH Father Amir Sheikh Hamad Bin Khalifa Al-Thani. The Diwan stated that Allah would have mercy on him and give him the best reward possible for his achievements for 'his homeland and nation. Sheikh Hamad has raised Qatar's profile...

The International Energy Agency said on Friday that the recent escalation of hostilities between the U.S., Iran, and other countries could change its forecast of an oil surplus next year. Global supply increased in June after the Strait of Hormuz was reopened, but it still lagged behind pre-war levels. Last month, global oil markets were given some relief as a peace deal between the U.S.A. and Iran allowed the opening of Strait of Hormuz. The closure of this strait had effectively cut off up to 14 million barrels of crude per day during the height of the biggest oil supply...

On Thursday, member states returned Syria's voting right to the global chemical weapons watchdog after a "significant change in circumstances", as they called it, since the fall of Assad. Syria was stripped of its rights by the Organisation for the Prohibition of Chemical Weapons (OPCW) in 2021 after it was found that its forces had repeatedly used poisonous gas during the civil conflict. This was largely symbolic but sent a message to Syria that any breach of the 1997 Chemical Weapons Convention prohibiting the use of chemical weapons on the battlefield would not be tolerated. The OPCW stated that "after...

U.S. President Donald Trump warned Iran the United States would likely launch additional strikes on Wednesday night, following the attacks of the previous day. "I'll give a little warning. We're going hit them hard tonight," Trump said to reporters before his meeting with Ukrainian president Volodymyr Zelenskiy at the NATO Summit in Turkey. Trump had said to reporters in Ankara that a memorandum-of-understanding between the United States & Iran, which served as an initial ceasefire agreement, was "over". He did not say that Washington would go back to full-fledged warfare, and it was not clear if the negotiations to turn...

The Syrian authorities announced on Thursday that they had foiled a smuggling attempt of advanced weapons and missiles from Iraq across the border. According to an Interior Ministry official quoted by the state news agency SANA, the shipment seemed to be destined for the militant group Hezbollah. General Authority of Ports and Customs in Syria said that the shipment of drones and rockets was hidden inside one of the oil tanker trucks heading to Baniyas. The shipment was discovered during routine inspections at the al-Tanf crossing between Syria, Iraq and Syria. Customs officers then conducted a thorough search of the...

The price of oil rose on?Thursday for a forth consecutive day after a wave of U.S. strikes?on Iranian installations fueled fears of a full-scale conflict and supply?disruptions? in the Strait of Hormuz. After reimposing its naval blockade, the United States hit?Iran?s?coastal defenses and missile sites, on Wednesday. Iran, meanwhile, threatened to cut off regional energy exports by saying that it was in a "existential conflict" with America. Brent crude futures were up 33 cents or 0.4% to $85.28 a barge by 0026 GMT. U.S. West Texas intermediate futures were up 42 cents or 0.5% to $80.02 a barrel. Both benchmarks...

Oil prices rose Wednesday after President Donald Trump reimposed his?naval ban on all Iranian ports, and Iran launched a retaliatory strike on U.S. facilities in the region. Brent closed at its highest level since 'June 12' and West Texas Intermediate?at its best since june 15 for the second consecutive session. Both prices rose on Wednesday morning trade. Brent climbed $1.46 or 1.72% to $86.19 per barrel at 0029 GMT, while WTI rose $1.11 or 1.4% to $80.40. Oil prices rose 2% on Tuesday to an all-time high, as the supply disruptions in the Strait of Hormuz - where one-fifth of...

The price of oil rose 2% to its highest level in four weeks on Tuesday as the U.S. reimposed a naval blockade of?Iran and the U.S. and Iran intensified their attacks in the Strait of?Hormuz. This increased uncertainty over?energy flow. Brent crude futures rose $1.68 or 2% to $84.98 a barrel at 0051 GMT. U.S. West Texas Intermediate Crude gained $1.65 or 2.1% to $79.79 a barrel. Brent crude gained 9.6% during the previous session. This was its largest daily gain since May 2019. The oil prices have reached their highest level since June 17, when the two countries signed...

The local RFE/RL branch reported that Tajikistan has 60 days worth of fuel reserves. It is also in discussions with nearby countries to secure future supplies. This comes amid acute fuel shortages in Russia, a major trading partner. Radio Ozodi quoted the minister Daler Juma as saying "The export of some types?of petroleum products is still continuing from Russia to Tajikistan." At the same time, some difficulties continue. The broadcaster quoted the minister as saying that Tajikistan worked with Kazakhstan, Turkmenistan and Iran to ensure it had the fuel it needed. Tajikistan is a small country with a population of...

Are you looking for inspiration? Weekend Reads is a weekly roundup of what the Open Interest team was reading, watching, and listening to. This week's picks include the impact of war on?energy security and food, China's ability to leverage critical minerals, and World Cup drama. We'll be reading RON BOUSSO's ROI Energy Columnist's paper, which examines the global impacts of Ukraine's drone attack on Russia's oil refinery infrastructure. The analysis provides great detail about the extent of the damage. CLYDE RUSSELL is a columnist for ROI Asia 'Commodities and Energy. The Iran War threatened to cause a food shortage. The...

Oil prices rose on Thursday, after the U.S. launched new?strikes in Iran. This dented hopes of an end to the Iran war, and the full reopening of the Strait of Hormuz. The Strait of Hormuz is a chokepoint that supplies one-fifth of the world's oil supply before the war. Brent crude futures were up 78 cents or 1% at $78.8 per barrel as of 0054 GMT. U.S. West Texas Intermediate Crude Futures rose 74 cents or 1.01% to $74.26 per barrel by 0054 GMT. WTI and Brent crude prices rose by more than $1 in the post-settlement trading on Wednesday,...

U.S. Oil Prices jumped by?nearly 3 percent in early trade Wednesday, continuing the previous session’s gains. This was after a series of strikes launched by the U.S. Military against Iran. The U.S. military's actions raised concerns about a fragile ceasefire. U.S. Central Command said on Tuesday that the strikes against Iran were a response to Iranian attacks on commercial vessels that were?transiting the Strait of Hormuz?. As of 2215 GMT, U.S. West Texas Intermediate Crude was up $1.95 or 2.8% at $72.39 per barrel. WTI closed 2.8% higher on Tuesday, before continuing to rise?in the post-settlement trading after the U.S....

The oil prices fell on Monday as OPEC+ agreed that it would?increase the output target for August, while key?producers are recovering their exports via the Strait of Hormuz. This could add to global supplies. Brent crude futures fell 24 cents or 0.33% to $71.88 per barrel by 0010 GMT, after closing 0.45% higher Friday. U.S. West Texas Intermediate Crude was $68.58 per barrel, down by 11 cents or 0.16%. WTI was not settled on Friday due to the U.S. market being closed for Independence Day on Saturday. The two contracts were largely unchanged last week after falling over the previous...

Kuwait's crude production jumped to 1.65m barrels a day in June, from just 580,000 bpd a month earlier, a source with knowledge of the situation said on Thursday. The OPEC member is boosting exports via the Gulf after the?U.S.-Iran peace agreement. Kuwait's surge in crude oil production is a sign that Gulf oil flows through the Strait of Hormuz have recovered rapidly after the disruption caused by the Iran War. Stranded cargoes are slowly clearing the Strait of Hormuz, and exporters are restoring their production. Kuwait produced about 2.5 million barrels of oil per day before Iran effectively closed the...

Five trade sources have confirmed that China's Hengli Petrochemical has cancelled its recent purchases of non-Iranian oil. This forced the company to further cut back on refinery operations as the inventory was running low. The strange cancellations came just a few weeks after reports that the refiner had purchased cargos from West Africa, the Middle East and other parts of the world to avoid Washington's list. Three sources briefed about the issue said that the refiner had cancelled at least six million barrels. They said that 2 million barrels (of West African oil) were delivered last month to storage tanks...

Early trade on Thursday saw oil prices drop after Qatar announced that Iran and the U.S. made "positive progress" during indirect talks concluded on Wednesday. The talks focused on the 'Strait of Hormuz which handled one-fifth of the global supply of oil before the war. Brent futures fell 73 cents or 1.02% to $70.84 a bar by 0102 GMT. U.S. West Texas Intermediate Crude dropped 83 cents or 1.21% to $67.75 a bar. Both benchmarks dropped more than 1% in the previous session to their lowest level in four months. Sources claim that the U.S., Iran and their negotiators spent...